Analyst Brandon Couillard commented, "3Q16 revenues missed for the first time in >2 yrs, snapping a long period of consecutive beat/raise prints, as core growth came in ~100bps below expectations on materially weaker gov't/academic demand. With limited visibility to an improvement in either academic or industrial demand, 2017 leans more heavily on biopharma. Despite the pullback, we continue to view the risk/reward as balanced."

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